The government on Monday fixed Coal India’s (CIL’s) initial public offer (IPO) price at Rs 245 per share, the upper end of the range. The government will fetch Rs 15,100 crore by selling 631.6 million shares, or 10 per cent stake, at Rs 245 per share. It will offer retail investors a discount of five [...]
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Satyam scam trial to begin from Nov 2
Posted by admin on October 26th, 2010
The trial in the multi-crore Satyam Computer fraud case will begin from November 2, nearly 22 months after its founder B Ramalinga Raju admitted in January last year to fudging the company’s accounts to the tune of Rs 7,200 crore. Subsequent findings by the CBI revealed that the total size of the accounting scam was [...]
IRDA: For IPOs life insurers should be in business for 10 years
Posted by admin on October 25th, 2010
The Insurance Regulatory and Development Authority (Irda) is not in favour of allowing initial public offers (IPOs) by life insurers who have been in business for less than 10 years, a condition holding up the IPO guidelines for the sector. The companies who have been operational for less than 10 years, but want to come [...]
EPFO not to invest in equity, will focus on high-quality debt paper
Posted by admin on October 25th, 2010
Ruling out any change in investment policies, the Employee Provident Fund Organisation (EPFO) has said it will continue to focus on investment in high-quality debt paper and keep away from equities. There is debate whether EPFO should invest in equity for higher returns or not. However, it will not take the risk of doing so, [...]
IRDA: Stop selling ULPs till Nov 4
Posted by admin on October 25th, 2010
In the face of alleged violations in sale of universal life policies, insurers would stop selling these products from Saturday till November 4 in accordance with a stiff direction by regulator IRDA. ULPs are basically hybrid products, having the flexibility of unit-linked products and traditional plans. “The authority has received several complaints on the sale [...]
EPFO likely to allow PF trusts to utilise and tap their PF Trust reserves for payout
Posted by admin on October 25th, 2010
In a move expected to benefit a large chunk of the 2,700-odd exempted trusts, the Employees’ Provident Fund Organisation (EPFO) will soon free these trusts to utilise and tap their Provident Fund Trust reserves to meet the statutory payout rate, according to Central Provident Fund Commissioner (CPFO) Samirendra Chatterjee. The decision is significant since many [...]
